Deconstructing the VMS : A positionless ledger (part 1)

[oshfdk]

I'm not sure what I'm talking about. What I initially assumed when talking about cycles was "a path through a structure that returns to the starting node". These obviously are present in the ledger. Then I thought maybe it's about repeating the same sequence verbatim many time. While it's possible to avoid this up to a certain limit, still it is possible to achieve this with the ledger. So, I have no idea what Dunsel meant specifically by "the ledger itself doesn't have cycles". So, back to square 1, I have no idea what this means.